In the long term, it has proposed to the CoC that JIL’s 1,426 acre of land (around 666 acre is located in Tappal in Aligarh district while 760 acre is in Agra) can be developed for residential units like affordable housing or group housing societies
State-run NBCC, which on February 15 submitted its bid for acquiring Jaypee Infratech (JIL) to the committee of creditors (CoC), has proposed to utilise the land bank of around 1,426 acre of the debt-ridden real estate developer for setting up electronic manufacturing clusters, mobile phone making units and warehouses in the short to medium term.
In the long term, it has proposed to the CoC that JIL’s 1,426 acre of land (around 666 acre is located in Tappal in Aligarh district while 760 acre is in Agra) can be developed for residential units like affordable housing or group housing societies. Land utilisation would be based on development schemes by government agencies and other policies to develop sectors like low-income housing, warehousing, electronic manufacturing, mobile manufacturing, etc.
“NBCC proposed that in the short to medium term, it will work with lenders to have tie-ups with industrial houses, institutions and warehouse developers to set up their facilities, which shall translate into demand for residential and commercial projects and for this it will utilise its marketing network and institutional relationships,” sources said.
NBCC’s view is that development of industrial, institutional and warehousing projects in short and medium term will induce demand for residential and commercial developments in Agra and Tappal. “The balance land after short and medium term plans can be used for plotted development or group housing society or commercial development, either independently for individual sale or under the UP government’s Awas Yojna or affordable housing in partnership with the Pradhan Mantri Awas Yojna, etc,” sources said.
A banking source said Tappal is located along the Yamuna Expressway and is around 50 km from Greater Noida and around 10 km from the proposed international airport at Jewar. With the airport’s announcement, real estate transactions in the vicinity have gone up considerably.
“Growth in consumer electronics and other related products has led to Japanese, Korean and Chinese firms evincing interest is setting up manufacturing units along the expressway,” he said.
NBCC said Agra is another fast-growing town with industrial sector, agriculture and service industry being the major job creators. Land here can also be developed on the lines of Tappal.
On growth prospects for the real estate sector near the proposed international airport at Jewar, CBRE India’s head of research Abhinav Joshi said Greater Noida has an established industrial base, an established profile and an appeal among industrial corporates and other manufacturers.
“So, coming up of an airport will further augment growth. They won’t have to go to the Delhi airport, which is 100 km, for their requirement access. They can depend on a separate international airport which has a huge impact on the warehousing sector,” he said.
Joshi explained that property developers have been are acquiring land in the vicinity, but with an international airport coming in, it is expected that more regional and pan-India developers will come in and acquire parcels to launch residential group housing, plotted developments, villas as well as commercial complexes, which include investment grids, office parks, tech parks and economic zones.